The cryptocurrency industry is evolving faster than the blink of an eye, with new projects launching daily, old projects coming to fruition, and industry leaders making critical changes for the betterment of the greater cryptocurrency and trading community.
The award-winning CFD trading platform PrimeXBT recently added new multi-currency accounts, letting traders utilize margin accounts based on ETH, USDC, and USDT, alongside the BTC-based contracts that the platform built its reputation on.
Here’s why the company says it made such a move and why the changes are a huge benefit to traders whether they realize it or not.
Why Stablecoins Surprisingly Are The Stand Out Of The Update
At first glance, it might seem that all that has happened was that PrimeXBT had expanded its margin accounts to include Ethereum and stablecoins, but there’s so much more both at the surface and under the hood.
But even more important than the new features themselves, the addition of stablecoins is rather revolutionary for the platform in terms of overall risk management for users. In the past, traders who relied on the ultra-fast trading infrastructure to profit from BTC-based CFDs on forex, crypto, commodities, stock indices, and more, were subject to extreme market volatility due to Bitcoin being the sole account base currency.
PrimeXBT says by introducing stablecoins Tether (USDT) and USD Coin (USDC), traders can benefit from a base account currency and capital that doesn’t fluctuate significantly due to market conditions. This makes any expected PnL and position planning more accurate, rather than having to factor in the unknown that comes along with HODLing Bitcoin or Ethereum.
New UI, Integration Within Covesting Copy Trading, And More Benefits
Outside of what is unequivocally the most important new feature – stable base account currencies and better risk management – there are many other updates within PrimeXBT V2.0.
The user interface and account dashboard have been reimagined fully to support the multi-currency account system so that users can have a clear separation between each type of margin account and base currency.
A new main page includes a complete look at all account activity and balances across everything that PrimeXBT offers – from margin trading accounts, Turbo, Covesting copy trading, referral accounts, and much more.
Both Covesting and the referral section have also been revamped. The Covesting global leaderboard now indicates which base account currency is being used by the Strategy Manager. Only Strategies denominated in Ethereum can be followed with an Ethereum margin account, for example. The same goes for referrals, with the base account, the user relies on generating the revenue from trading commissions made in each respective base currency.
New And Improved PrimeXBT Upgrade Retains Award-Winning Formula
There is so much new to take in. Another critical factor in what PrimeXBT V2.0 is the best update yet is because the platform still retains the sleek visual design it always had, and traders can still access over 50 trading instruments ranging from gold, oil, stock indices, and forex to cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more all under one roof.
PrimeXBT is home to the Covesting copy trading module, allowing Followers to follow successful Strategy Managers showing a clear track record or profits and low risk and earn a profit by copying their trades. Strategy Managers earn a cut of the success fees from copied trades, making the module lucrative for all sides of the transaction.
The PrimeXBT V2.0 update is fully functional with the desktop, mobile, and app interface, but an all-new mobile app is in the works as well, according to the company blog. Elsewhere on the blog, PrimeXBT has provided a full walkthrough of the new V2.0 update, including a closer look at the changes to the visual interface and the Covesting copy trading module.
For more info, check out the PrimeXBT blog or visit PrimeXBT to take the V2.0 upgrade for a test drive yourself.